4th Anti-Money Laundering Directive (4AMLD) came into effect on 26th of June 2017

Did you start the transition to the new regime?

EU Fourth Anti-Money Laundering Directive (4AMLD) came into force on 26 June 2017. It aims at further contributing at the fight against money laundering and terrorism financing by strengthening the existing rules and making them more consistent across EU Member States.

The changes bring a more robust risk-based approach to improve the management of money laundering and terrorist financing risk.

Enhanced Beneficial Owner information stored in a national central register and accessed based on “legitimate interest”

Individually assessed Simplified Due Diligence withbanks no longer being able to apply simplified DD to pooled client accounts

No ‘white-listed’ jurisdictions which leads tobanks taking into account the risk related to countries outside of the EU

Broader definition of PEPs, including domestic PEPs

Due Diligence thresholds lowered for cash payments

Tax evasion considereda predicate offence

Severe and public action for non-compliance (“name-and-shame” approach), including significant monetary penalties up to 10% from yearly total gross income of the financial institution and fines for individuals (“senior management”) up to MEUR 5;

We have developed a Business-Wide AML Risk Assessment tool which can design and implement an efficient AML Risk Assessment that is fully compliant with the AMLD4 obligation:

Helps you understand where you are most exposed to ML/TF risk,

Assists you in better identifying control gaps, trends over a period of time, and in implementing action plans and

Supports you in the decisions made with respect to the appropriate level and type of Customer Due Diligence (CDD) that will be applied to your customers.

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Risk and Regulatory Advisory Partner

Dimitrios Goranitis is Financial Services Industry Risk and Regulatory Advisory Partner in Deloitte Romania. Dimitrios is leading Deloitte’s risk service offering in Central Europe focusing on banking... More

In Romania, the services are provided or supported by Deloitte Audit SRL, Deloitte Tax SRL, Deloitte Consultanta SRL, Deloitte Fiscal Representative SRL, Deloitte Tehnologie SRL, Deloitte GES Support Services SRL and Deloitte Shared Services SRL. Deloitte is one of the leading professional services organizations in Romania providing, in cooperation with Reff & Associates, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes and technology services and other related services with more than 1100 professionals. Please see www.deloitte.com/ro/about to learn more about our global network of member firms.